US stocks advanced amid positive GDP data

US stocks rose, sending the Standard & Poor’s 500 Index higher for a second day, as data showed the economy expanded at a faster pace in the second quarter and concerns over Syria eased temporarily.

The S&P 500 rose 0.2% to 1,638.17 at 4 p.m. in New York, paring an earlier advance of as much as 0.7%. The Dow Jones Industrial Average gained 16.44 points, or 0.1%, to 14,840.95.

“That’s just one confirmation that the data is continuing to move in the right direction,” Anastasia Amoroso, global market strategist at J.P. Morgan Funds, which oversees about $400 billion, said in a phone interview for Bloomberg. “That gives more evidence why the Fed should ultimately taper. But over the last couple of months the markets have been a lot more comfortable with that notion.”

Jobless claims in the week ended Aug. 24 dropped 6,000 to 331,000 from a revised 337,000 the week before that was higher than initially reported, the Labor Department said yesterday in Washington. The median forecast of 50 economists surveyed by Bloomberg called for a drop to 332,000.

In corporate news, Verizon Communications rose 2.7% to $47.82. The company is in advanced talks to acquire Vodafone’s 45% stake in their Verizon Wireless venture for about $130 billion, people with knowledge of the matter said.

In a statement, Newbury, England-based Vodafone said there’s “no certainty that an agreement will be reached” as it holds discussions with New York-based Verizon. Bob Varettoni, a spokesman for Verizon, declined to comment.

Microsoft Corp. rose 1.6% to $33.55. Microsoft is in talks with Foursquare Labs Inc. about a potential investment in the social-media company, according to people with knowledge of the discussions.

Exxon Mobil declined 1.8% to $87.27, while Chevron Corp. lost 1.2% to $120.37. Oil futures retreated 1.2% after climbing to the highest level since May 2011 yesterday.
Campbell Soup Co. fell 3.1% to $43.33 after the company reported fourth-quarter sales lower than analysts’ estimates.

Campbell Soup Co. switched to a loss in its fiscal fourth quarter as it posted a write-down tied to its European simple-meals businesses, as well as higher expenses, while sales grew more slowly than expected.

Urban Outfitters Inc.s board authorized a 10-million-share-buyback program, the fourth time the clothing retailer has announced such a move since 2006.